Even after 2020's struggles, the retail real estate industry is optimistic about recovery and the future of stores and shopping centers, according to a new ICSC survey of retailers and commercial real estate companies.
Though the pandemic led to sharp declines in foot traffic, 60% of CRE leaders and 55% of retailers expect a return to pre-pandemic levels by the end of the year.
If anything, the pandemic forced retailers to innovate in both offerings and store formats. A large amount, two-thirds of respondents, began offering in-store fulfillment of online orders during the pandemic. Seventy-three percent of small retailers implemented a click-and-collect option, while 88% of shopping centers are being used to fulfill online orders, according to CRE leaders, according to ICSC. Almost all respondents (99%) indicated that their stores fulfilled online orders in some form or fashion.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
